The official currency of the United Kingdom is the British Pound Sterling, often simply referred to as the pound. Its symbol is £, and it is subdivided into 100 smaller units called pence. The pound is one of the oldest currencies still in use today, with a rich history dating back over a thousand years. The Bank of England is responsible for issuing banknotes and managing the currency's value. In addition to banknotes, coins are also widely used, with denominations ranging from 1 penny to £2. The pound is a major global currency, frequently traded in international markets.